News Formal

Why tech stocks are proving resilient despite ongoing banking crisis

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

South Africa News News

Why tech stocks are having a scorching-hot week of gains as banks keep failing

are poised to close the week up 12%, while Amazon and Apple are up 8% and 4%, respectively.

But that dynamic has been completely flipped. The past week has not only seen fall of SVB, Signature Bank, and Silvergate Bank, but alsoAlso helping tech stocks this week was news that the Biden administration would . Shares of Meta were up 4% on the news Thursday, while Snap and Pinterest shares were up 4% and 7% respectively.

Tech stocks are highly sensitive to directional moves in borrowing costs, with any spike in rates often hurting high-growth names.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Wall Street once again invents a narrative to somehow explain WTH just happened. 😀

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit Suisse: Why it's struggling and why that's a big deal | CNN BusinessCredit Suisse, the 167-year-old bank and the second-largest lender in Switzerland, is in deep trouble. Its struggles set off anxiety in Europe and across global markets, and what happens at Credit Suisse could impact the broader financial system. Biden Well, it isnt and it isnt Waiting for Brandon to blame Trump for this bank too.
Source: CNN - 🏆 4. / 95 Read more »